Arab Finance: MNT-Halan has closed subscriptions for the private tranche of its initial public offering (IPO) on the Egyptian Exchange (EGX), with the tranche 11.2 times oversubscribed at an offer price of EGP 24.50 per share, as per an emailed press release.
Excluding cornerstone investors, the private tranche was 19.4 times oversubscribed. More than 300 investors across more than 10 countries placed orders, including Egypt, several Gulf Cooperation Council (GCC) countries, the UK, France, Switzerland, and South Africa.
Subscriptions for the public tranche in Egypt are scheduled to close on October 15, 2026, with 48 million shares allocated to retail investors. The institutional tranche accounts for the remaining 272 million shares.
Selling shareholder MNT Investments B.V. is offering 320 million ordinary shares, representing 20% of MNT-Halan’s issued share capital before the closed subscription. The company’s shares were listed on the EGX on September 14, 2026, under the ticker HALN.CA.
Commenting on the subscription results and the company’s plans, Mounir Nakhla, Founder, CEO, and Managing Director of MNT-Halan, said: “We are proud to enter the next phase of our journey, building on our track record of high growth and robust profitability to broaden our product ecosystem, deepen customer engagement and harness our proprietary technology to expand access to financial services."
"We are delighted with the strong demand for MNT-Halan’s IPO, reflecting investors’ confidence in the financial ecosystem we have built and the growth opportunities ahead. This level of interest reinforces our confidence in Egypt’s capital markets as a platform to support our next phase of growth,” he added.
Citigroup Global Markets Limited and EFG Hermes Promoting and Underwriting served as joint global coordinators and joint bookrunners.
MNT-Halan and the selling shareholder received US and English legal advice from Gibson, Dunn & Crutcher LLP, with Matouk Bassiouny & Hennawy providing Egyptian legal counsel. White & Case LLP advised the joint global coordinators and joint bookrunners on US and English law, while MHR & Partners, in association with White & Case LLP, served as their Egyptian legal counsel.
